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by Financegossips
Infosys will buyback 50,270,270 (around 5 crore) equity shares from the investors, which is around 1.19% of total shares.
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Board meeting for buyback approval and buyback approval date was October 13, 2022 and other dates like record date, etc. are unannounced.
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Infosys is buying back its shares to enhance earnings per share (EPS) and return on equity (ROE).
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Infosys buyback price is Rs 1,850 per share and its current market price is around Rs 1,477 which means company is buying shares at premium of 30%
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The upcoming buyback is company's 4th share buyback. Before it company has bought back its shares for 3 times in years of 2017, 2019, 2021.
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On 13th October, the company announced its Q2 results where it reported a consolidated profit of Rs 6,021 Cr, which is 12.3% higher than the previous quarter.
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Infosys provides consulting, outsourcing, technology, and digital services to its clients which help them in their digital transformation.
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Infosys is 2nd largest information technology (IT) company in India after Tata Consultancy Services (TCS).
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It is true that Infosys is 2nd largest IT company, but still it is buying back its shares to boost shareholder return and hold falling share price.
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